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Korea's Fintech Startup Balance Hero Launches Gift Cards for Unbanked Users in India
Seeking to Realize "Finance for Billions" Vision
Korea's Fintech Startup Balance Hero Launches Gift Cards for Unbanked Users in India
  • By Yoon Young-sil
  • September 5, 2018, 16:14
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Balance Hero, the operator of True Balance, India’s leading balance and data management app, has unveiled a new gift card. Gift cards are a fast and secure recharge option for users.

The True Balance Gift Card represents Balance Hero’s efforts to realize its vision of “finance for billions.” When users enter the serial number of their gift card into their smartphones, they receive points that can be used just like cash. As such, it provides a new payment option for unbanked users and is an effective step to prevent bank-related fraud.

The gift card is good for users who don’t want to use bank details every time to recharge and pay bills on the True Balance app. It introduces them to digital financial transactions.

If the user is a non-KYC user (any person who signed up on Paytm with their mobile number and not submitted any identity proof to the Paytm to upgrade their wallet), he needs not worry about the monthly wallet limit and can use the gift card to transact within the app ecosystem. App users can directly add to the gift card any amount from the True Balance app. As the gift card is transferable, users can give it to their loved ones on special occasions.

Gift cards have been outlined in different designs for special occasions. This option is available in the True Balance app and any retail outlets. Apart from this, users can also gain cashback that True Balance is currently offering to both Prepaid and Post-paid users.

Speaking on the gift card launch, Charlie Lee, CEO of Balance Hero, said, “By launching a gift card that supports telecom and utility bill payment, we aim to bring financial freedom to our primary users, who are unbanked. We would bring safe and fast financial transactions on their doorsteps and connect the last mile.”

The launch of the gift card is expected to address customer needs for recharging phone and other payment features from a single interactive interface. This also forms the basis for providing wider services and paves the way for next revenue enhancing growth snippets.